What is the total income per month?
Before applying for a credit card, try calculating your total income each month. After that, subtract the total routine expenses for each month plus the expenses for emergency funds. If the percentage of residual income is more than 30%, it means that your financial condition is still able to cover the total credit card installments every month. But if the percentage is less than 30%, credit cards will only cause financial difficulties for you.
It is very important for you to control the rate of expenditure every month, so that the saying “bigger peg than pole” does not happen to you at any time.
Are there other installments besides credit cards?
The more creditors you owe, the greater the amount of expenditure each month. Because, you must repay the debt one by one to each creditor to accelerate the debt repayment process. If there is one debt in arrears, the accumulated payments for the next month will increase automatically, which makes it increasingly difficult for you to make payments.
Make sure the installments paid only one, namely credit card installments so you are not too bothered thinking about the bills that need to be paid.
Do you know what sanctions are imposed by the issuing bank?
Every user who violates the conditions set by the issuing bank, such as the provisions in terms of payment, will be subject to sanctions in the form of a fine in a certain amount. Another sanction is the deterioration of credit history that will make you experience a little difficulty when you want to apply for a new loan to the bank in the future.
It’s best to know all the sanctions set by the issuing bank. Do not hesitate to ask things in detail to add information, so you do not feel disadvantaged if there is a change in the information submitted.
What are the testimonies from credit card users?
It is very reasonable if you do not know the performance of a credit card issuing bank. Because, you have never used the services of the bank before. So that later you don’t choose the wrong bank, you should take the time to read the testimonials from credit card users at one of the banks that you want. Testimonials submitted by users can be used as material for consideration to find out the advantages and disadvantages of the issuing bank in a concise manner.
Switch to another issuing bank if the bank you want has a problem at the beginning, especially in terms of performance or service. There are still many other banks that have good performance and accept you to be a customer at their bank.
Compare Facilities and Services of Each Bank
Applying for a credit card isn’t difficult, but deciding on one of the many banks is a little difficult. Moreover, all banks are competing to provide the best offer in order to increase the number of customers. For your choice, it is better to compare the facilities and services provided by each bank. Choose the best bank that fits your criteria and transaction needs.